Stergiou v Citibank Savings Ltd

STANLEY STERGIOU AND EKATERINE STERGIOU v CITIBANK SAVINGS LTD
[2005] ACTCA 15 (3 May 2005)

JUDGMENTS AND ORDERS – numerous proceedings maintained on behalf of deregistered company – proceedings a nullity – judgment given and appeal instituted before deregistration drawn to Court’s attention – application to reinstate deregistered company in the hope of retrospectively validating proceedings and substituting another company as plaintiff – application dismissed.

Land Titles Act 1925 (ACT), s 93
Corporations Act (2001) (Cth), s 601AH

International Bulk Shipping & Services Ltd v Minerals & Metals Trading Corporation of India [1996] 1 All ER 1017
Classic Gourmet Sausages Pty Ltd v Leda Commercial Properties Pty Ltd (2000) 97 FCR 313

No. ACTCA 16 - 2004
No. SC 80 of 2003

Judges:         Crispin P
Court of Appeal of the Australian Capital Territory
Date:            3 May 2005

IN THE SUPREME COURT OF THE       )          No. ACTCA 16 - 2004
  )          No. SC 80 of 2003
AUSTRALIAN CAPITAL TERRITORY    )
  )

COURT OF APPEAL  )

BETWEEN:STANLEY STERGIOU

First appellant

AND:EKATERINE STERGIOU

Second appellant

ANDCITIBANK SAVINGS LTD

Respondent

ORDER

Judge:  Crispin P
Date:  3 May 2005
Place:  Canberra

THE COURT ORDERS THAT:

1. the notice of motion dated 11 April 2005 be dismissed.

IN THE SUPREME COURT OF THE       )          No. ACTCA 16 - 2004
  )          No. SC 80 of 2003
AUSTRALIAN CAPITAL TERRITORY    )
  )

COURT OF APPEAL  )

BETWEEN:STANLEY STERGIOU

First appellant

AND:EKATERINE STERGIOU

Second appellant

ANDCITIBANK SAVINGS LTD

Respondent

Judge:  Crispin P
Date:  3 May 2005
Place:  Canberra

REASONS FOR JUDGMENT

CRISPIN P:

1. This is the latest chapter in a saga that has been unfolding for more than a decade as repeated attempts have been made to take possession of a house owned by the appellants for failure to comply with their obligations under a mortgage.  The proceedings have been protracted, tortuous and attended by a comedy of errors sufficient to inspire the producers of “The Castle” to consider making a sequel.

1. The mortgage, which was in favour of Citibank Savings Ltd, was executed on 8 April 1988.  An initial line of credit was progressively increased and drawn down.  The appellants initially made all the payments required by the mortgage.  The first stirrings of discontent arose when Citibank Savings Ltd made some debits from the appellants’ accounts that it was unable to explain to their satisfaction.

1. Whilst other customers who have found themselves in such a situation may have responded by writing letters of complaint or approaching the Banking and Financial Services Ombudsman, the appellants apparently decided that decent people should have nothing further to do with a company that would behave in such a manner and declined to make any further payments under the mortgage.  The last payment was made on 30 November 1991.

1. A notice pursuant to s 93 of the Land Titles Act 1925 (ACT) was duly delivered to the appellants on 22 February 1992, demanding the payment of a stipulated amount within one month. The amount demanded was not paid…